SBI Personal Loan EMI Calculator helps you to find out your Personal Loan EMI and interest cost based on your loan amount, tenure and interest rate. It also helps you to choose your loan amount and loan tenure based on your repayment capacity.
Tips for using SBI Personal Loan EMI Calculator
- A higher loan amount and/or a higher interest rate will increase your EMI and total interest cost and vice versa
- A longer loan tenure will reduce your EMI while increasing your overall interest cost and vice versa
- Lenders usually prefer to lend to loan applicants whose total EMI obligations, including existing EMIs and the EMI of their new loan do not exceed 50-60% of their monthly income
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Interest Rates – Types of SBI Personal Loan – Jan 2022
|Type of Personal Loans||Interest Rate (p.a.)|
|Pension Loan (including pre-approved pension loan)||9.75% onwards|
|Xpress Elite Scheme Personal Loan||9.60% onwards|
|Clean Overdraft Personal Loan||15.65% onwards|
|Pre-Approved Personal Loan (PAPL)||12.60% onwards|
|Xpress Credit Non-Permanent Employees Personal Loan||11.50% onwards|
|Quick Personal Loan||10.85% onwards|
|Xpress Credit Insta Top-Up Personal Loan||10.70% onwards|
|Xpress Credit Personal Loan||10.60% onwards|
Note: The above-mentioned interest rates may change and shall depend on the sole discretion of SBI and RBI. Interest rates are updated as on Jan 2022.
Fees & Charges related to SBI Personal Loan EMI
While the timely payment of SBI personal loan EMI does not incur any extra charges from SBI, some charges may be applicable in case regular EMI payments are not made. The following are some of these penal charges to consider:
|Penalty for failure in making on time EMI|| Rs. 250 + Applicable tax for every EMI dishonour|
In case of standing instruction (SI)/ cheque/ ECS bounce, legal action u/s 138 of the Negotiable Instruments Act, 1881 may be initiated.
|Cheque Bounce Charges||Rs. 250|
Note: If a cheque bounces due to technical reasons where a customer is not at fault, no charges will be levied as per RBI guidelines.
|Penal Interest||For loans above Rs. 25,000, penal interest charges at the rate of 2% per month over and above the applicable interest rate are applicable on the overdue amount for the period of default.|
Note: If only a part of EMI remains overdue, then penal interest will not be levied.
*Charges are subject to periodic change and GST will be additionally added to the mentioned fees and charges.
Factors Affecting SBI Personal Loan EMI
- Loan Amount: Also known as the loan principal, this refers to the amount of money borrowed from a lender. Greater the loan amount, greater will be the EMI payouts
- Loan Tenure: This refers to the repayment period over which you can pay off the loan. Generally, a longer tenure results in lower EMI payouts. However, the longer tenure may lead to higher interest payout on the loan
- Rate of Interest: This refers to the rate at which the lender charges interest on the borrowed loan amount. Usually, a higher rate of interest leads to higher EMI payouts
- Interest Calculation Method: The EMI payable also depends on the method of interest calculation. EMIs calculated using the reducing balance method are slightly lower as compared to EMIs computed using the flat rate method
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Q. Does the EMI calculator also show processing and prepayment charges?
No, the EMI calculator results do not show processing or prepayment charges. These charges vary from lender to lender as well as from applicant to applicant in some cases. These are specified in the loan agreement provided to the borrower at the time of loan disbursal..
Q. What is floating rate EMI calculation?
Floating rate EMI calculation means that the EMIs are calculated using floating interest rate, which is variable in nature. It depends on RBI policies and market fluctuations. For example, Repo Linked Lending Rate (RLLR) is dependent on the Repo rate. Whenever RBI changes the repo rate, a similar change is reflected in the loan interest rate. Currently, the floating rate mechanism is not applicable to SBI personal loans.
Q. How to arrive at the right EMI amount?
Check your monthly budget, including all your expenses, pre-existing EMIs and credit card dues, if any, to decide upon the suitable EMI amount that can be paid off comfortably without disturbing your financial stability. You can use the EMI calculator to check various loan amount, tenure and interest rate combinations to arrive at the most suitable monthly installment for yourself.
Q. Which method of EMI calculation does SBI use?
SBI personal loan EMI calculation is based on the reducing balance method, where interest is calculated on the outstanding loan amount and not on the total principal. This leads to a slight decrease in the EMI payable over the tenure of the loan.
Please Note: SBI is not a Paisabazaar partner. Offers would be from partner Banks/NBFCs only.